LightSquared files for Chapter 11 bankruptcy

LightSquared on Monday filed for Chapter 11 bankruptcy after its planned high-speed wireless network was derailed by regulators, Bloomberg reported. The company’s data network would have covered as many as 260 million users, however it failed to gain approval from federal regulators. The FCC blocked LightSquared’s LTE network in February due to concerns surrounding interference with GPS systems. Through his hedge fund Harbinger Capital Partners, LightSquared founder Phillip Falcone has invested roughly $3 billion in the failed venture. According to the bankruptcy filings, LightSquared has more than $1 billion of debt and assets.